Digital technologies are transforming the business world. Growing numbers of companies are adopting internet-of-things (IoT) devices and moving more of their data into cloud environments. While digital transformation presents a range of opportunities to today’s companies, it also brings challenges particularly with regards to data breaches.
Data breaches can be catastrophic for any organisation, the reputational damage due to a loss of customer trust can be terminal.
Whilst it is not possible to prevent all breaches, there are some fundamental steps that organisations can and must undertake to minimise risk.
Fostering a culture of security
Firstly, fostering a culture of security can significantly reduce an organisation’s risk. CIOs and CISOs need to ensure that every employee within the organisation is aware of the threats they could face, whether it’s a phishing email, sharing passwords or using an insecure network. The cyber security landscape is continuously changing with hackers finding new ways to access information, there needs to be an ongoing training, training sessions will not suffice.
Creating a culture of consistent awareness of threats is required along with a robust security and continuity plan throughout the business to minimise the risks associated with these attacks. Reinforcing a sense of emergency, and urgency within your team and your business will ensure everyone realises that threats are all around, and that the results can be extremely damaging to business. However, prevention is always the best cure and plans around security should be the first steps in any digital transformation project. Defining the levels of security required for all levels of your data at the beginning will minimise any potential security issues that could appear post transition.
Take extra care with sensitive data
Organisations should take steps to classify their data in accordance with its sensitivity relative to a potential breach. There is no doubt that classification of data can help businesses deliver tangible benefits such as reducing risk, while at the same time ensuring compliance with key industry regulations. The most sensitive data should have the greatest protection layers with encryption around it, with access level policies in place. Examples of this data could be investor information, internal research and position/trade information.
For more information on protecting your business get in touch here, or give us a call on 01628 810977.